STATISTICS: UKRAINE, 3Q2018 result: for January-September 2018 the market growth y-o-y exceeded 11% in local currency, but in euro it was less than 5%

For 9 months in 2018 Ukrainian insurers generated GWP in the amount of UAH 34.87 billion (~EUR 1 billion). At that annual growth rate in local currency amounted to 11.1%, according to the data, published by the National Financial Services Commission.

Total net premiums increased by 22.1%. Premiums, collected from individuals, amounted to 38.4% of total GWP and premiums from legal entities - to 61.6%.

92.14% of the total GWP are generated by non-life sector. About 78% of those are collected by voluntary classes. The most impressive growth rate was recorded by the accident insurance (+43.47%), and the most significant decrease of premiums was demonstrated by cargo insurance (-40.28%). Life sector slightly improved its market share from 6.44% to 7.86%.

The market paid claims for 9 months of 2018 went up by 18.7% and amounted to UAH 8.8 billion. Total paid claims ratio as of 30.09.2018 reached 25.1%. Paid claims to individuals increased by 20.2% to UAH 4.3 billion, and to legal entities - by 16.3% to UAH 4.1 billion. Insurers' assets went up by 4.7% to UAH 59.5 billion. Insurance reserves increased to UAH 24.8 billion (+13.8% y-o-y), and insurers' deposits reduced by 4.6% to UAH 2.5 billion.

Ukrainian market is represented by a really huge number of companies, however, the majority (98%) of premiums is accumulated by 100 insurers. Total number of insurance companies in Ukraine as of 30.09.2018, as the National Financial Services Commission informed, amounted to 285 (31 life insurers and 254 non-life insurers). According to Aleksander ZALETOV, the member of the National Financial Services Commission, as of December 2018 - 13 insurers left the market.

The leader in terms of total GWP for 3 quarters in 2018 is CREMEN, although its growth rate rapidly dropped y-o-y (-42.56%). Second goes UNIQA - the insurer's premiums went up by more than 23% y-o-y. TOP-5 non-life insurers also include AXA Insurance, ARSENAL Insurance and PZU Ukraine. In terms of paid claims the 1st place was taken by AXA Insurance, paid claims ratio of which amounted to almost 50%, it is followed by UNIQA and PZU Ukraine. Among TOP-10 non-life companies, the highest paid claims' growth was recorded by ASKA (58.36%).

The leader of the life sector in terms of GWP is MET Life (UAH 670 million), followed by UNIQA Life (UAH 460 million), and the 3rd is TAS (UAH 365 million). Among TOP-5 life insurers the most impressive growth was demonstrated by ASKA-Life (+106.69% y-o-y).

GWP of Ukrainian insurers (MTIBU members) in January this year went up by 12.3% to UAH 318.8 million (~EUR 10 million) y-o-y. However, total number of agreements in January decreased by 0.05%, as Foninsurer wrote.

According to the National Financial Services Committee, the number of complaints regarding insurance activities in 2018 remained almost unchanged (5381 vs 5389 in 2017). At that the major part (63%) of the complaints were about MTPL, as Forinsurer wrote.

According to the National financial services committee of Ukraine, in order to remove unreliable players from the financial market, 126 organizations, including 13 insurance companies, were removed during January-September, as the member of the Committee, Aleksander ZALETOV informed.

According to the National financial services committee of Ukraine, as the moment only 20% of the local insurers fully meet obligatory requirements to capital adequacy and solvency, liquidity and profitability, asset quality and riskiness of insurers' operations.

On April 1, 2019, Alexander ZARETSKI will step down from his presidency of METLIFE. According to the Company's Board of Directors, this decision was made for personal reasons. Gheorghe DIMITRU will take over as president, ASN wrote.

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